Wedding season is almost here and this is the high time to ask the important question “how much are gold wedding bands worth?”.
Now, if you are planning to sell a gold wedding band you already have or if you want to buy a new one for an upcoming wedding, learning about the worth is still important and plays a key role in the decision. And this brings us to our next question “How do you calculate their worth?”
After all, gold prices are always changing and so is its market value. And even after that there are like 10 different charges involved.
All in all if you want to learn more about the same, this blog is for you. Here, in this blog we together will discuss all you need to know regarding gold wedding bands as well as the process to calculate their value. Therefore, with this being said, let’s get right into it, starting with:
How Much Are Gold Wedding Bands Worth?
In layman’s terms, when you ask the question “how much are gold wedding bands worth?” the only specification we have here is that the band is made of gold.
Now, we shall be finding out how to calculate later down the line. But let’s first look at the average cost.
Considering the average female wedding band size and commonly used allow, we can assume that the average cost of a gold wedding band in the USA is around $1,417 for a bride.
On the other hand, when we speak of couples, the entire cost for their wedding bands combined can be assumed to be somewhere in the $2000 range.
When you convert these values to Indian rupees, we can say gold wedding bands range from 10,000 Rupees to up to 60,000 rupees on average.
Now with average out of the way, let’s move to the calculation part which we shall be doing in the next section of the blog.
How to Calculate Gold Wedding Bands Worth?
Now that we are done with the gold wedding band average cost, let’s find a more accurate answer to the question “how much are gold wedding bands worth?” via calculation.
Despite not knowing the exact specification of the user’s band in question, we shall be educating you on several things to consider.
Therefore, with this being said, let’s get right into it, starting with
1. Find Out Gold Weight
The most important factor when calculating the worth of a gold wedding band is its weight. Haven’t we all heard the quote of people counting something’s worth in gold’s weight? Well, you get the point.
Now, to get this reading you need specific weighting machines. This is something that you can find at manufacturers of jewelry shops. Another thing to keep in mind is taking the right value i.e. weight in Grams or Milligrams.
2. Check the Gold Purity
With weight out of the way, let’s move to the gold purity. The purer gold is, the more it is worth. And that’s why we need to decide its purity.
If you still have a bill from the original purchase or you can get some professional help to determine this one.
3. Calculate the Gold Content
We have two important measurements with us now. Namely, the weight of the gold and it’s purity.
Depending on these two, we can determine the gold content found in the said gold wedding bands which can be used to deduce their market price.
The formula for this is, as mentioned below:
Actual Gold Content (in grams) = Weight (in grams) x (Karat/24)
Once you have the answer, all that’s left to do is, check the price then final calculation.
4. Check the Current Market Price
Now we need the market price of gold at the time of you reading this blog or making the calculation.
For this, you can check local newspapers or go to some online websites. Either is good enough to find out the gold current rates. Don’t rely on old stats as gold value is always changing.
In any case, with this figured out, we only have one thing left to do.
5. Calculate the Value
We are ready to figure out how much gold wedding bands are worth. All there’s left to do is use this formula on the valued that we figured out:
Value = Actual Gold Content (in grams) x Current Market Price (per gram)
This is the general and plain way to calculate gold wedding band worth. Now, if you are someone who wants a closer estimation. There are some other factors that you need to consider.
For instance, the making charges. There are some different great artistic styles in jewelry making that charge highly.
Apart from this, you also need to consider if any precious stones are added to the bands. For instance, a diamond.
Factors That Affect the Value of Gold Wedding Bands
There are some factors in play when calculating how much gold wedding bands are worth. These are important to know when making the calculations as they can highly affect the same.
Speaking of which, the factors that affect value of gold wedding bands are, as mentioned below:
- Gold Purity (Karat)
- Design and Workmanship
- Gemstones and Embellishments
- Market Prices
This is all you need to know about the average cost of a gold wedding band or 14k gold price ring and calculating how much gold wedding bands are worth. In this blog, we discussed everything in detail. If you still have any more doubts or want to know more about the same, we highly recommend that you consult a professional jeweler.